I hope that the headline caught your attention because it is not an exaggeration!
You could soon be the intellectual property owner of a UNIQUE information product or service which can ONLY be purchased from you and nowhere else! You see the best way to control a monopoly is to create your own and it is not as difficult as you probably think at this point.
Usually I am very down to earth and exceptionally conservative in my estimations because OVER ESTIMATION generates needless disappointment. However this is a subject I can get VERY excited about because you can become seriously wealthy from information marketing.
There is more potential at this time than ever! …everyone is looking for an opportunity and way of moving forward and you could be the one who develops and provides them with that opportunity or a method of doing so.
Before you say that you don’t know ANYTHING which could make an information product, you should know that the formulas I am going to give you will overcome any objections that you may have as ANYONE can do this! You are about to learn two methods for developing information products which make it SIMPLE!
So what is an Information product?
There are may be other definitions but I feel mine is very much to the point and likely to result in bigger profits than other definitions you may hear or come across.
An information product is a focused and distilled source of information which allows the purchaser to gain rapid assimilation of vital knowledge or solutions to overcome a problem or desire they may be experiencing.
The product can be anything from a short report to a giant at home study course, or private online training website. It can be presented in multiple formats or JUST text if you wish.
You design the product to be a balance of easily digestible value giving resource and one which will generate for you the greatest profit potential. It’s as long and comprehensive as it needs to be. It’s your game, there are no rules to follow and you can play it how you wish.
You don’t have to be a great writer or wordsmith to create quality products! Seriously, they can be created and build from your home by ordinary people with average intellect. They can be created by people just like you and me and with the correct attitude and discipline, in just a few years from now you could become EXTREMELY wealthy from doing so.
For me the accompanying lifestyle is as big a motivator as the profit potential information product development and marketing will generate for you. None of the skills you need to develop the type of information products I describe in this module are that difficult to assimilate and even master.
This is truly a LEVEL PLAYING FIELD where you could soon be competing with the big players on your own terms.
When it comes to investing into yourself and your future MOST people don’t want SECOND BEST! Often more expensive products outsell cheaper ones. If you found out you had to have brain surgery and were required to hire the surgeon directly would you consider the surgeon who is offering Monday morning surgery specials at £25 and bring your own bandages. Or, would you feel the surgeon who charges £10,000 would be a better decision for you? No contest!
When investing into new skills and their future happiness people think in very much the same way!
The thinking is this; if it’s too cheap it can’t contain value! The price should be calculated by the ROI (return on investment) the product contains and its financial potential and what they could make from it.
A few years ago, my close friend Paul Elliot and I decided to run a new seminar for a small and elite audience which we would film and then sell as a product, but obviously wanted to make money while developing it. (By the way, running and filming a seminar is a really great method for creating new products!)
After putting the product together we started to think about the price. I wanted to go for £2,000 but Paul felt we could sell if for £5,000! WOW this I felt was TOO HIGH and wouldn’t sell, but Paul was adamant so we decided to test the price and sent the offer to a part of my mailing list. Within the hour 3 people had signed up and paid in full, the test was conclusive!
This taught me a HUGE lesson which I hope you will learn from also. Always start high and discount if you need too! With a good reason you can always discount a product or place a time limited offer upon your offer. Although it is MUCH more difficult to increase the price of a product, so it is always better to start high and come down in price rather than the other way around.
It’s better to offer payment terms rather than cheaper prices as often it is the initial one off payment that individuals struggle with simply because they are used to paying for nearly everything in their life on payment terms, so give them what they want and are familiar with.
If the price on your new product was £750 you could offer an nice INCENTIVE BONUS for one payment, or offer 3 payments of £250 without the bonus. You don’t need to guess what you will sell most of because I will tell you directly, it will be the terms EVERY TIME. You don’t even need any special equipment to enable you to do this because PayPal with allow you to creatively break such payments down into smaller sums.
At this point you are probably thinking that offering terms opens up the opportunity for prospects to default on payments and right up front let me tell you that yes, it WILL HAPPEN. However, the massive amount of additional sales payment terms generates will EASILY outweighs the occasional default. In addition to this I would encourage you to use a membership site which works in conjunction with PayPal and also breaks the products into equivalent modules to match the payment – 3 payments = 3 modules!
This means that the next module ONLY opens and allows your member’s access after it has been paid for. This is really easy to achieve and maybe the EXACT process you have paid for in the ‘Fast Track’ to Internet wealth membership. If someone wants access to everything in one go then it has to be paid for first and this is easily achievable by upgrading them to a higher level of membership and only after this has been paid will all of the modules open for them. The membership software will do all of this for you as well as giving you many more possibilities.
Finding the right price for your product can take time, but keep testing (there is one particular WP plugin which will help you do this) and eventually you will find a price that seems to be far more agreeable with your prospects than others.
You need to let the market dictate what they are happiest paying for your product. The plugin I was referring to works with Word Press and allows you to test two or more different prices at the same time. After a number of prospects have clicked through it will begin to highlight the price they find most acceptable and I can promise you that it is rarely what you think it will be. Follow the below link to discover more about this plugin: practicalprofitsolutions.co.uk/tools/SplitTestPlugin.php
In 2010 version:1 of the ‘Fast Track’ internet wealth generation membership was sold at £1,997 a seat and it included a weekly 90 minute Q&A session which I really enjoyed presenting. However, out of the 70+ prospects who signed up as members only an average of 5 or 6 of the same members would be regular attendees of these meetings. It was not difficult to work out that most members didn’t find value in the ongoing and inclusive mentoring which for me was a HUGE surprise.
The course correction was an easy one to make and the Q&A sessions were eventually stopped. Then when I re-launched the ‘Fast Track’ version 2, I had made mentoring as an additional add on module which members could request as and when they needed it. This offered the potential to reduce the overall cost of the membership by more than half. So I tested the membership cost with prices between £500 and £1,200 and to this point have found that £750 to be the price which converts the very best of all, in fact, 73.4% better than any of the other prices I have tested.
So please remember that you need to test the price as thoroughly if not more so than all of the other sales elements on your website and as a rule of thumb: Anything you get for nothing you generally put a NOTHING value upon.
Let me reiterate that you DON’T have to be a genius to come up with information product ideas! No, it’s just a small alteration in the way you presently think because opportunities are all around you ALL of the time and all you as a would-be information product developer simply need to learn how to look for them, and then test them to fathom their potential.
When you have learned HOW you will see begin to see opportunities EVERYWHERE!
To get your mental juices flowing and highlight the variety in both products and their presentation below are a few examples of products which I have created over the years.
In 1996 this was my very first information product which was just 16 pages long and offered a simple formula to achieve what it said on the tin, and if you followed the process it would work every time even in today’s uncertain climate. The product was exceptionally BASIC to say the least and I am embarrassed to even look at it today. However, like everyone I had to begin somewhere and learn how to work with the tools I had available to me at that time. Due to my inexperience it took me ages to get the price right for this product and as most of my sales came from outside the UK I sold it in dollars. This is where I learned the importance of testing and although I didn’t have any of today’s useful tools and software to help me. I eventually settled at $5 which doesn’t sound a lot. However, quantity made up for lack of price and in the first year I sold 13,308 copies which sold me on information product development as a means of wealth development.
I studied fine art and attended art school during which time I taught myself how to cut silhouette portraits in around a minute or so each. As you can see from the illustration my subject would stand sideways on to me and out of black paper and armed only with a pair of scissors I would accurately reproduce their silhouette portrait.
As you can imagine there was a BIG market and demand for my skills and even in my twenties I could demand £250 for two hours of my time which was HUGE. Years later when I started giving thought to products that I could create I thought this would make an ideal product and I decided to develop it on interactive CD which at the time were very popular.
The material didn’t take me long to plan out, write and produce although I WASTED a HUGE and UN-necessary amount of time learning the CD generation software and PLAYING with needless technology which I have only ever used ONCE! The format was a mistake although it sold consistently for many years before I eventually sold the license of this product which is another BIG BENEFIT of information product development. However, in hindsight, I made a VERY LARGE mistake which was I sold it as hobby rather than a way of making money! I am CERTAIN I would have sold TEN TIMES as many copies and at higher prices if I had done so!
Early in 2000 I had evolved the idea of selling viable businesses models which ANYONE with a little practice could master as there seemed to be an insatiable demand and market for such products. The idea was I would provide prospects with EVERYTHING which they needed to get started as soon as possible, from step-by-step instructions how to master the skill, where to buy their materials, a simple to follow business plan and marketing material, template website etc. EVERYTHING!
Still to this day this is a VERY successful model to reproduce.
One of my first products in this series was on car window tinting. I calculated carefully the potential that this product offered both me and prospects and the numbers were good so I approached a likely expert in the field and made him an offer he couldn’t refuse. I will explain this technique in detail later in this module on ‘how to leverage other people’s information’
Just four weeks later the product was finished and in the following month I sold 137 copies at £1,200 each and as the months went by this number carried on increasing. This was the first product I created in a series of 9 I would produce over a three year period before I decided it was time for a change.
Although I didn’t recognise it at the time, I was becoming a bit of a PR expert in my late 20’s when I was primarily making my living as an entertainer and living a wonderful life doing so.
I soon learned how to fabricate and spin stories which would excite and have the local media calling me within minutes of receiving my news fax. This would then generate me loads of interest and fill my books with new work and sell out venues where I was performing. Then I discovered that by using a little trick that my press cuttings were valuable assets which would go on selling my services for years to come, and then things really took off.
As I approached 40 and decided to leave entertainment behind me I naturally used the PR skills I had developed to carry on selling my mail order products and services also. Not long after this I came across the so-called leader in the PR field and the poor quality product he had created and I immediately knew that I could do MUCH better. Years later I did and wrote all of my information up into one publication which I entitled ‘Become the New!’ It is a colourful A4 size book and about an inch thick and I decided to offer it in printed book format simply because the self-published digital printing facility had just became available.
Now the beauty about digital printing is that I can virtually print on demand either one copy or a 1,000 without restriction. This 300 page book costs approximately £6 each to print and have delivered to my home and I ordered 100 initially which I offered to my list. After calculating the ROI (potential return on investment) and the profit it would generate for anyone who used it correctly I very tong-in-cheek set the sale price to £299.
It sold out within hours so I ordered 200 more copies which had also sold out by the following day! By the time the orders to my own list had stopped flowing in I had sold nearly 600 copies and realised I had a winner on my hands.
Now this may seem like a HIGH price for a book, but remember this is not available ANYWHERE ELSE. Also consider the value of the information and how it can be used to go on generating media interest which eventually converts into profits indefinitely and once the prospect recognise this potential they realise that this is an inexpensive MUST HAVE investment and the sale is an easy one to make. At this point I have sold in excess of 5,000 copies of this book and if you do the sums will realise not many authors generate this much profit from a single title.
I wanted to remind you of this fact because in the future I plan to develop MANY MORE products in this format because it is a very clean and easy process.
I have saved this product until last in this short showcase of ideas as this was my first FULLY AUTOMATED membership website. It was developed to introduce those with an interest how to safely trade on the stock market. I had long being looking for a Stock Market niche in this once VERY PROFITABLE market place and being marketing orientated made a valuable observation.
It was quite obvious really, so obvious in fact I hadn’t noticed it before and neither had anyone else. The simple discovery was that those new to the Stock Market were more concerned about not LOSING their money than they were making it. In fact, this seemed to be the number one priority of most would be Stock Market traders.
Actually, and as a side note; when it comes to selling most products or services the fear of loss generally out pulls the potential for gain EVERY TIME.
Now a good point to remember is while everyone else is zigging you should zag and thats EXACTLY what I did in the development of this product! What I mean by this is try not to follow the crowd and rather than being a sheep and a follower aim to be a shepherd and a leader.
This simple discovery lead me into a conversation with a stock market trading expert, and he gave me a simple formula which almost guaranteed the security of a stock market trade, so simple that most people passed it by in search of something more complicated. Even if their stock were to crash and burn investors would find it difficult to lose a penny, and by contrast they would probably profit from such an occurrence. I immediately saw mileage in developing a product around this knowledge and started testing the process to see if there were any takers and there were. LOTS!
Now the downside of the product was the more secure you made your trades, the less profit they would generate for you. However, I threw myself into the task and learned and experimented with this formula and for 3 consistent months I generated a monthly profit of 3% which was wonderful and very saleable.
I soon turned this knowledge into a product, however it was not a BIG product because as I have already mentioned it was such a SIMPLE FORMULA. I filled it out with lots of other useful and relevant information which made it more of a process to follow but still it was not that long and I wondered how I would make a good profit from it. Then I came up with an idea which was as simple as the formula and made it work, I would give it away for FREE!
You see, luckily for me, the most difficult part of this simple formula was sourcing and selecting the right stocks to trade upon. Now you needed to be licensed to sell such information, but there was nothing to stop me from letting interested parties into my private and secure membership area so they could observe what I was doing in my own trading activities. If they wanted to trade on the same stocks I was watching that was up to them as I NEVER made any recommendations.
I set the ONGOING monthly fee for this service to just £20 a month which was less than a packet of cigarettes a week, and well inside everyone’s budget. I created a compelling sales page to GIVE AWAY the product and after opting in, downloading and reading how the system worked I was converting approximately 18% of those who opted-in as new STP members.
Within a few weeks my paying members were in excess of 1,000 and generating an exciting residual income for me. Three months after this it was approaching 3,500 members and the work it required from me each month was less than two hours! I really liked this arrangement.
Unfortunately, confidence in the stock market would not last very long and my pet expert told me this fact and what he predicted would happen. This forewarning was very fortunate for me because not long after this I was approached by a group of investors who wanted to buy me out. They were amazed at how many members I had secured in such a short period of time, and a price was agreed and legal documents drawn up and just two weeks later money placed into my account and the sale finalised.
I had made a MASSIVE killing on the sale of the product membership. Sadly, just a few months later I learned that they had over stretched themselves and their budget resulting in them going into liquidation! The terms of our contract said I would not compete with THEIR company, and now it no longer exists I am free to start the same business again. So the day will come again when I may role out this little goldmine and this time it will be very much improved.
I hope these products highlight that information product ideas are around us all of the time and you are only restricted by your imagination!
As you will now understand, one of the positive benefits of information product development is that you can publish your product in a variety of different formats from the written word in printed format, digital format in PDF documents and membership’s websites, mind maps etc. You could use audio recordings or CD’s and MP3 format as either part or the complete product, or do the very same with video, or even sell your product or service in webinar presentation format, and I am sure that there are others also.
Use a variety of these formats on the same product to build value. An online membership website with nothing more to manufacture, create or post out is great and the ULTIMATE in convenience. However, can you imagine printing this course out in multiple 3 D-ring lever arch binders, recording it all on CD’s and including hours of video also so the purchaser can watch and then reproduce your actions?
It would be a MASSIVE box of product and I am sure would have far higher perceived and financial value also, and this may be the way in which you decide to progress. Personally I am far too lazy to do this again and am glad to see the back of physical multi format products for all the additional works and storage they create. But most of all, because they allowed customers to re-sell your products on sites such as eBay even though they had been licenced to them alone, and there is nothing I can do about it.
Some products will go on selling for many years to come and updates to keep them current are simple to make compared to the time it takes to build them in the first place. Remember that as you develop other products you can sell them within your existing products simple by referring to them regularly and providing dedicated hyperlinks which you can track to your other sales pages. Due to the accurate tracking software that I use I can tell you to the PENNY exactly how much every one of my products has made me in additional sales simply by calculating the extra transactions they have generated and dividing this by the number of the specific product I have sold.
Sometimes this will run into £100’s in additional sales PER PRODUCT so generating additional income in this way is VERY worthwhile and I encourage you to do so just as soon as possible. Then as your products begin to age you can re-launch, reuse or re-purpose them into other products if you wish as because at this point most of the hard development work has already been done, so why not capitalise on this fact.
Like all things the first few times you go over something new and as you begin to absorb the big picture you will probably find information product development a VERY LARGE and even OVERWHELMING subject. I learned it bit by bit over the past seventeen years or so, but by contrast suddenly you are having all of my related knowledge shoved in your face in one go, and it is a steep learning curve!
Once again belief will be the biggest factor in information product development success, closely followed by determination and consistency. Remember if you believe you can you will, and you will also be 90% of your way to success so make things easy on yourself.
Some of the products I have developed have almost overwhelmed me due to the sheer size of them and the amount of development work which has made me lose focus. This is where well written goals and plans will act like a map for you to follow, so make sure that you have them written and in place to guide you.
Having made the same mistake on a few different occasions in the past I now look at bigger projects from a different and I believe far smarter perspective. I attempt to break them down into a series of much smaller projects which I can sell separately and this means I get lots of starts and finishes in my development process.
Then later, when all the elements are completed I combine them into a much larger project and use these smaller elements to lead interested parties to the bigger product. Obviously the cost of the smaller products if purchased piecemeal (separately) would be FAR HIGHER than that of the full course. If I had offered it in digital format I would also discount the larger product by the price customers had paid for any of the smaller products in the same course. I mention this fact which is the general objection you will get when using this simple technique.
You will have heard me say this before ‘Don’t let not knowing how to do something stop you from doing it!’ Information product development is a big subject and you will need to learn many new skills. Every new skill that you master is one less obstacle you will need to overcome in the future, so if you embrace this philosophy you will find yourself moving much faster in the future than at the beginning of your journey.
Just accept that as an information product developer your job is to create solutions to problems other people are happy to pay for. If I had an office door I would have a sign upon it which says: ‘Solution Guy’ which I am because I firmly believe that as soon as I turn my mind to a challenge THE PROBLEM IS SOLVED, and it usually is. Please remember that there is always a way, in fact, there are MANY ways of overcoming EVERY challenge and EVERY problem and it’s your job to find them. Think of it as an exciting and fulfilling opportunity which will challenge you everyday.
Information product development success is most of all about adopting and developing a positive new Mindset and a success oriented way of thinking. Begin thinking of yourself as a successful information product developer, telling yourself that this is what you are whilst being in a happy state of mind with a big smile upon your face. Do this regularly and you will be well on the road to being MASSIVELY successful. Happily accept that your pathway will be one obstacle after another and that’s why the potential rewards are so GREAT, so embrace it all!
Below are the types of information product formats I have been successful with in the past, I am sure there are others also but these are the ones which I am familiar with so let’s go over them one at a time in a little more detail.
Although there is a fine dividing line between a report and eBooks I would be hard pushed to define the difference other than in the way that they are sold. So for that reason I am going to treat them as just one format.
At this point I have written far too many reports and eBooks to have kept count of exactly how many, but there have been a lot. I usually write a report with a specific outcome in mind, usually to teach how to do something specific around a focused theme or subject. Many of the reports I have created have been for one very specific reason which is to get qualified prospects to join my mailing list and provide me with the opportunity of making sales.
It’s a simple deal; I give them the eBook or report for nothing in return for their proven email address (double opt in). This is my opportunity to WOW them and begin building a value based relationship with them by sharing information which help them achieve a goal or objective which they may have set for themselves. As soon as a new subscriber opts in for one of my free reports my auto responder sequence goes to work delivering the sequence of emails I have planned building the relationship for me by providing some additional choice benefits for them. Your auto responder sequence and report or eBook work hand in hand and should be designed as part of the same process.
Obviously, when I write a report to give away for free it is written with the intention of promoting one of my products or services and so generally starts by agitating the problems and challenges they are facing and then giving them part of the solution which leads them towards becoming a customer. Such reports generally focus on WHAT they should do rather than HOW to do it.
However, I have also sold reports both inexpensively and for HIGH TICKET prices and the length of material is irrelevant compared to the VALUE which it offers, so bear this and the ROI (Return on investment) in mind when setting a price on your report or eBook.
As a guide your report should be between 20 and 50 A4 pages in length and if it is being sold go into fine detail in the information process which it shares as well as being generous with images and screen grabs to help readers understanding. Remember that it financially costs no more to produce a 1000 page report or eBook than it does one of just 10 pages in length; it’s just your development time.
However, using this model your OBJECTIVE would be to sell the next report you create to your customers also, and for this reason you want them to recognise you as an expert and enjoy your report and get value from purchasing it, so make it good and WOW them!
The most important aspect of your report will be the title!
If your report or eBook sounds appealing and if it contains a secret as well as giving value you will begin to draw attention and then have a chance of selling it. For this reason it is a good idea to do keyword research WELL in advance of this point to discover exactly what RELATED keywords are being searched upon the most and include these in the title if possible.
Also include the same keywords in the URL or page name which you pick to sell your report from.
A report graphic such as this will also do much to sell your report and may well double or even treble your sales because it becomes a tangible product in the mind of the prospect. I design and create all of my own product graphics because I enjoy doing so and have some skills in this area which I learned at art school. However, I really wouldn’t waste your time trying to learn such programs as ‘Adobe Photoshop’ because you can inexpensively get such graphics developed for you for just a few pounds each at website’s such as: http://www.freelance.com or http://fiverr.com/ which as the name implies means you may get your new report graphic for just $5
I always start with a brief outline of WHY I have written this report and who will benefit from it the most before giving a brief synopsis of what they are going to learn and discover and the improvements it will make in their lives if they take action with it.
As well as making my report interesting and motivating with easy to relate to stories I generally tell them what they are going to learn. Then I deliver the core content, the ‘how to’ material, and finish with telling them what they have learned and what they can do with it.
The VERY last element in your report should be either an action plan of what to do next or in the case of a free report make an offer on your product to make the next sale. What I generally do is intrigue them to click on a link which takes them to a website page which is a time limited offer with a countdown clock upon it. Now is the perfect time for them to purchase because if they have read your report it will have prepared them for the sale and the TLO (time limited offer) puts pressure on them to act now.
I would like to give you an idea for a business model to help you get started and what follows could easily be done on a part time basis. The plan is hypothetical and untested by me although, I know of others who have done similar and become financially independent from doing so. Let’s imagine that you decided to create and promote a new report each and every month on a specific aspect of the same theme
Once I have the idea mapped out I generally write the report in just a day or so at most and you could soon do the same.
Then allow another day to write the sales page and another additional day if you are going to develop a sales video, which leaves you the rest of the month to promote it. Now you could sell thousands of copies of your new report a year, and once created it will probably go on selling for years to come.
Aim to create 1 NEW report each month and sell a minimum of 250 copies per year at £10 each. By the way this is an EXCEPTIONALLY workable objective.
Repeat every month
12 x 250 x £10 = £30,000
There is no reason why your reports will NOT carry on selling if you carry on promoting them. Do this for three years and you will be just a hop, skip and jump away from generating a six figure income. Are you starting to understand why I get enthusiastic and passionate about information product development as a lifestyle?
Seriously, there are numerous individuals who have sold more than a million dollars’ worth of one particular title in eBooks and then once they have the formula for success they have gone out and done the same thing again with another eBook. I’ll be the first to admit that perhaps as high as 99.99% of most eBooks which are available on the internet are financial flops basically because they are copies or rehashes of the same old material or even rehashes of poor quality copies that began life without serious intention.
However, if you work smart, study and TEST the market and are prepared to put time in to promoting and marketing your material you can make ONGOING SALES, lots of them with multiple products. It’s unlikely that you will sell a million dollars’ worth of one title, but take a moment to read the above plan again. Anyone could do this or similar with information products which could lead you to your own financial freedom in just a few short years. You could start the process by producing your first report to give away and build your email list, get this right and you will sell many of your other publications to the same list also!
I have already mentioned that a strong auto responder sequence should be a part of every eBook or report which you work out right at the planning stage and then write as you do the report. A good and well planned sequence can dramatically increase your sales of products and services and make a BIG difference to your bottom line profits so don’t miss this important step.
Over the last few years your opportunity to become a well-read eBook author and make a ton of money in the process has just gone through the roof. As well as Amazons Kindle and iPads book reader app, there are now dozens of other tablets on the market and people are using them.
I am an avid reader and get through a book most weeks. In the past I would have a small pile of books waiting to be read and a room full of OVERFLOWING bookshelves. However, all that has now changed as about a year ago I purchased a Kindle for myself.
At first I was hesitant as I enjoy books and marking and highlighting certain passages and benefits which I can later turn into a synopsis of the book and relearn from. But I soon got used to the Kindle and realised I could do exactly the same and then download those highlights to my computer saving me time in retyping them. Other Kindle benefits include cheaper book purchase and instant download as they are in digital format, no postage or storage because my Kindle will store more than 3,500 books.
Now book readers are becoming more popular by the day for these and many other reasons but there are also HUGE benefits from the author’s point of view also. Get the right keywords in your title and you could suddenly find yourself right at the top of Google’s SERP’s for a very popular search term simply because the Amazon has an EXCEPTIONALLY high Google PR ranking and now it is promoting your book with a highly searched SEO title (let’s not get bogged down with detail here but you could suddenly find yourself with a massive audience).
With a bit of practice you could manipulate Google to give your modest eBook a very advantageous listing which will makes you an ongoing profit. You could also quickly build a GIANT mail list of targeted prospect and the way to do this would be to make an additional free and very ‘Difficult to Refuse’ offer in the eBook which would capture your reader’s email addresses.
A business model which I have also found VERY SUCCESSFUL is self-publishing of my own printed books and due to such print on demand companies as Lightning source: http://www1.lightningsource.com/ it is comparatively simple to do so.
At this point I am certain that I could write and sell book after book and generate an exceptional income from doing so. A huge benefit of this format is that writing a hard copy book elevates you to the status of author which generally raises eye brows of admiration.
In the past self-publishing was known as vanity press and was expensive and looked down upon, and generally regarded as a second rate alternative route for those who couldn’t get published by traditional methods. The fact is that even if you were successful the publisher would keep more than the lion’s share of the royalty profits and some so called successful authors would be earning as little as a couple of pennies in the pound in profits which was appalling.
I do not need the kudos of being represented by a publishing house as a far easier and more profitable route for the information product developer is to send your finished book to ‘Lightning Source’ and without the possibility of rejection a couple of days later receive your finished proof back in the post for approval. Then two days later your order will arrive at your home and you will make 100% of the profit and be in complete control of EVERY copy which you sell.
Yes they will as I have sold my book for as high as £299 per copy and regularly sell them as downsell products at £89 – I’ll explain this simple method in a little while! Value is value whatever the format, so just sell your prospects on the benefits they are going to receive from your product rather than focusing on the fact that it’s a book. The fact that your product is in a book format is immaterial and just for convenience as just as easily you could have locked it behind a private membership website or published it in a PDF file etc.
Remember that you can’t get these books in stores as they are your exclusive products and can only be obtained from you which puts their perceived value through the roof.
Let me give you a brief explanation of how this works as sometimes the downsell products generate more profit than the product or upsell of that product. Imagine you are seriously considering a particular product and you decide to purchase it, then as soon as you do so you are taken to a page where you are told you will ONLY SEE ONCE! Here you are pitched on an additional and complimentary product which is called the upsell! The reason this happens now is that there is no better time to sell anything than when the purchaser is in a buying mood and has their wallet open.
However, if you’re undecided about purchasing the main product and decided to exit the page it will take you to the downsell page where you offer a second and far more inexpensive product. This could be your book which would be a much reduced and diluted variation of the same product. Now if for instance your MAIN product was £750 and the downsell was priced at £89 it would suddenly become very attractive and an easy to purchase consolation prize
As a matter of interest and a side note: if you are selling a service there is no better calling card than your own book. Small A5 sized books of 80 or 90 pages can be inexpensively printed for just £1 or so each and make a huge impact upon potential prospects.
The only tools or software you need for publishing your book is a word processor such as ‘Microsoft Word’ and once your book content is complete you can download a template which will put your book into the required format PDF file for them to print. In addition to this you will need a book cover and I would advise you to get one quite inexpensively professionally designed at either: http://www.freelance.com or http://fiverr.com/
As you can see preparing your material for hard-copy book printing is quite simple and something ANYONE including you can do.
You are probably thinking that CD’s sound a bit dated and they probably are compared to producing your files in MP3 format which can be downloaded directly from your website on to your personal MP3 player or smart phone.
However, the reason I have mentioned CD’s is that my car is fitted with a CD player and I often listen to information products which have been reproduced in this format as I drive around. In fact, as my children are heavily into judo as a sport which requires me to taxi them to venues across the UK and on such journeys, and while my children bury their heads into their iPads I love using my driving time in this way.
Whatever the format you decide to publish it in, audio files are perfect for some products or could easily be created and given away as a BONUS which may sell you lots more product.
Once you have written out your product it is quite simple to convert it to audio format and the software which will do it for you is both simple and completely free for charge. Although I have invested into more expensive audio software programs I find myself resorting to a FREE program call ‘Audacity’ because it is so simple to use: http://audacity.sourceforge.net/
Now this is the only bit of the process where you will need to invest in a decent quality microphone because a cheap one will produce a cheap sound which you obviously want to avoid.
My microphone of choice is a ‘Samson C01U’ condenser USB mic which plugs and plays perfectly with every computer I have used it upon. It creates a good quality studio sound without picking up on all the background noises which other mic’s I have experimented with seem to.
Once my mic is setup I record and edit in ‘Audacity’ and then output it in virtually any format which I desire.
If you decide to make the recordings yourself please don’t get too hung up about how you sound or your regional accent because I promise you that it will mean more to you than anyone else and you will be over critical or yourself.
More important is that you sound friendly and don’t speak too fast, or as fast as we do in face to face conversation. Listen to the far slower almost metronomic speed at which narrators pace themselves and then imitate them and you won’t go far wrong.
Of course you could get others or a professional voice to record your material for you but then you are running into added expense. Surprisingly, and as a result of the audio recordings I have created I have been approached to create recording for other companies and products which is quite flattering as I have always thought of my voice as dreadful and rather blunt. The lesson to be learned here is that it’s not so much what you think of your voice as the opinion of others and your buying audience which really matters.
The cost of CD or DVD printing or reproduction is relatively inexpensive compared to the sale price, even in small quantities. As I used to produce so many audio and video products I invested into a system that prints the cover and records the content all in the same process. I could burn 5 at a time I could produce 100’s of finished CD’s or DVD’s per hour. The price of such reproduction systems have dramatically dropped in price although I don’t think I would bother to home produce again, and would far prefer to outsource.
I mainly use webinars to sell my products and services. Whatever the topic, my presentation gives me the opportunity to highlight many problems which need to be overcome to be successful, and then shares some valuable but incomplete advice, remember the headache and the cure formula. However as I have already mentioned in the past I have sold webinars and had really good attendances so they are a good profit generator.
I really wish I had arranged my business to sell more paid webinars and perhaps I will do so in the future because I think it is a really great way of generating a high income and an even better lifestyle if lots of free time is important to you.
In fact, right now, and generally because I enjoy presenting them so much I am considering a new product where I deliver a short webinar every week. My plan is to make the webinar free but at the same time run a private membership which would allow members to replay the past webinar as much and often as they wish at time which suit them. In addition to the webinars I plan to include monthly interviews with successful individuals from all walks of life and offer many other benefits also
Well on this occasion and as we are still presently suffering an economic recession I want to use this membership as an introduction to me and my services and my other products, so I am considering selling it for either £10 or £12 plus VAT.
Surprisingly inexpensive I know but I am certain that very easily I could sell 500 to 1,000 paid subscriptions within the year and maintain this number, perhaps many more. 500 memberships would equate to £5,000 a month in profits before I estimate the amount of related product I would sell or generate affiliate commission from.
I could write for hours on running webinars but the very best way of gaining experience of them and deciding if they are for you is by attending a few and experiencing them for yourself as a delegate.
As I have already mentioned earlier in this section there is only one software platform which you should consider to present your webinar from and that is ‘Instant Teleseminar’ and right now they are offering a 21 day free trial so learn more at: practicalprofitsolutions.co.uk/tools/instantteleseminar.php
Now before you get nervous at the thought of appearing in a video there are lots of different types of product information videos you can create and you don’t have to be a talking head in one of them if you don’t wish. However, I also want to tell you that making videos is really not that difficult either when you have a process to follow so let’s get started on that right now.
Information product videos are an ideal medium because many people enjoy the fact they can first watch and then reproduce what they see and they take a minimum of effort to follow. There are four main formats of video and at some point in time you may need to use all of them.
PowerPoint presentation – mixed with illustrations videos created in this format can be very engaging as they simultaneously provide multiple forms of communication and engagement. Your viewer may see text, bullet points and illustration while hearing you talk and elaborate upon your subject and for this reason this is a great way of learning.
Speaking head – If you enjoy presenting you could certainly put yourself into the videos and some people have a talent for this. My good friend Paul Elliott is a great example as he can speak into a video camera forever and make an EXCELLENT and engaging job of it. Personally, I find it difficult to remember what I want to say and am very conscious of my eyes shifting to the bullet points reminders of what comes next, and I waste far too much time trying to get this right. So rather than videoing myself talking I feel more confident displaying my picture and talking behind it.
Screen recording – for some projects you will want to record the screen of a demonstration of you doing something on your computer and there is some really good quality free software packages around which will do this for you although I have becomes used to working with ‘Camtasia’: http://www.techsmith.com/camtasia.html which is not free but a great investment for the would be product developer.
Video recording – depending upon the product you’re are creating you may need to invest into some video equipment and the good news is that it does not have to cost you that much. In the past I invested into video cameras and editing studios which cost in excess of £10,000 and soon realised I didn’t need that level of sophistication. In fact, the more lighting I purchased the greater my problems became so remember to keep things as simple as possible.
Remember it’s an information product you are creating and not a feature film, so with a little practice and experimentation you can make a great job with basic equipment. I have recently created a short instructional video which I would regard as one of the best I have ever made using my little flip HD video camera. If you are not familiar with the flip it is smaller than most modern phones and the only down side for me is that it doesn’t have a fold out viewing screen for me to position myself in the camera lens, but I overcame this by linking it to a small portable TV which I faced towards me as I filmed.
The upside of the flip is that is contains all its own editing equipment and is child’s play to use. It is an idea tool for creating internet based videos, and I incorrectly thought the resolution may not be good enough for distribution on DVD so I burned a copy as a test and was very pleasantly surprised how good it actually was and I would be happy to sell and distribute such DVD’s.
As am writing this module I checked the current price of the flip HD and was amazed to see I could now purchase one for just £52 so I have ordered a second one which my family can use.
If you want to do titling and clever fades and transitions there are lots of editing software packages you can use and in the past I used ‘Adobe Premier’ but this is a professional package and far more program than I need for my projects and it takes an age to learn and master so a good alternative which I am happy to recommend would be ‘Sony Movie Studio’ which is simple to master: http://www.sonycreativesoftware.com/moviestudiope and also quite inexpensive at just £25 from Amazon.
Now if you are exporting your project onto DVD the above software package will do all of this for you without the need for additional software packages. However, if you want to play them directly from your website you can easily upload them to any of the free media hosts such as ‘YouTube’ etc. However, such video will be able to be viewed by the world so I host all of my paid and private product videos on the ‘Amazon S3 media server’: http://aws.amazon.com/cloudfront/ which means only those you want to watch your videos can do so and this service works perfectly with a memberships website.
Amazon S3 is a sort of pay per click video platform and you only pay for the time and bandwidth used. Now don’t let this frighten you as most months I get several thousand video views and my bill is never that much.
Like most learning media try not to make your videos too long as people learn best when they have lots of starts and finishes so it would be far better to break a one hour video into 6 ten minute videos, or even 12 five minute videos. Shorter videos are also easier for you to make and the more videos you have the higher the perceived value. Which of the following sound the most attractive to you?
Even if you don’t want to appear in your own video you will need to use a photo of yourself instead. It is important that your audience has someone to identify with rather than just hearing a voice behind the screen. When I make introductions in which I appear I prefer to make them in my office at my desktop computer using my Logitech webcam and software which cost me the princely sum of £12 approximately 2 years ago and is still good enough for me to make short video products with.
I could write about video product creation for pages, however, they are not difficult to make once you get used to the process and you are focused upon what you are trying to achieve, although the first one you make may take you forever to complete, but it gets quicker with practice and videoing and editing your finished footage is loads of fun.
I am dedicating a whole profit module to membership website so I am not going to go into too much detail here other than to tell you that in my opinion membership websites are the ultimate tool in information product development as there is not much that with a little creativity that you can’t do with them.
You can securely place virtually every information media within them and never need to deliver anything by post. You can run multiple memberships from the very same website. However, best of all is they are the ultimate in automation and if you are lazy like me you will love them as once set up correctly you can go off on holiday and leave them taking payments and presenting your customers and members with an excellent product experience without interference from you.
There are other membership software packages available but the one I have grown up with and am happy to recommend is ‘Wishlist member’ which is a WP plugin and exceptionally easy to use. You can learn more about ‘Wishlist member’ at: practicalprofitsolutions.co.uk/tools/wishlist.php
If you are going to use Word Press, and I recommend that you do you can once again use ‘Wishlist member’ to grant access to your material or selected posts or publications. The good thing about this is that you can decide what material non-members CAN’T SEE. You can leave lots of juicy TEASER COPY which they can read which cuts off abruptly when your reader gets to the meat of the topic which I can tell you from experience is extremely frustrating and a great incentive to make prospects reach for their credit card. I have seen a few bloggers use this technique very successfully to sell information and low priced articles and short term access.
I have never done this but can immediately see the many benefits which running a private blog would have, in fact, the possibilities are starting to excite me as I write about it. It requires a different thinking and focus and is probably one of the easier types of products to set up and sell so please give this some serious consideration.
Once you have mapped out and planned your product it is not difficult to create it in a mixture of different media and as I have already mentioned you can use multiple media of your product to increase the perceived value and justify and demand far higher fees.
Fifteen years ago I followed and learned a lot from a pioneer internet product developer called Bill Myers who would turn just about anything into a product and was exceptionally good at doing so. This was where I learned the importance of adding value with multiple media and an expression which has stayed with me ever since. He called it the BBE (Big Box Experience) and what he would do is create a series of video tapes, give the same material in printed format and well as audio and even a hat for viewers to wear while they watched the video. Generally it weighed a ton and added to the perception of value.
I still try to give the big box experience, but virtually from the comfort of my membership websites by giving and building the perception of VALUE, and when you come right down to it perception is reality in the mind of your prospect.
At the time of writing this profit module and due to the economic recession, getting good sized audiences to live events has become more difficult than finding volunteers to be tortured to death. Where paying delegates and audiences of 100 – 200 were once monthly occurrences, now I find rounding up a group of just 20 people requires EXTRA ORDINARY effort. However this will change again in the future I am sure. As I have already mentioned, one of my favourite methods of making products was to run seminars and record every aspect of them and correctly planned a seminar could turn into a number of different products and be worth a small fortune in profits.
However it is not difficult to get delegates for webinars which you can record in the same way. In fact, think about everything you do which is related to your project theme and if it could be converted into a product, bonus or filler of some type. If you get into the right Mindset you will find this quite easy and loads of fun.
When you open your mind to possibilities you will wonder why you haven’t injured yourself falling over quality information product ideas up until this point because there are simply that many ideas and opportunities waiting to be exploited. There is only one stupid idea and that’s the one you don’t write down because every idea or spark of inspiration that enters your mind does so for a good reason, and at some point in the future that spark or weak idea may reveal itself as something much more.
You may have heard it said that the bluntest pencil is FAR MORE effective than the sharpest mind simply because great forgotten ideas never result in profits. I am constantly going on about developing a habit of writing your ideas down because if you do so I promise that the day will come when one of your recorded ideas will be directly responsible for put lots of money into your bank account. We find it difficult to remember everything, especially when we have so much new information entering our heads on a daily basis so it makes common sense to write down the good stuff for future use.
Are there things in your life that you fancy doing at some point in your life? There might not be any particular rhyme or reason why you want to do them as they just appeal to you. If so, you should begin investigating it further to discover if you can turn this desire or aspiration into a product or service which will result in making you an ongoing profit.
Develop the habit of looking for ideas which can be converted into information products, and become passionate about the process. The more passion and energy you put into the process the BIGGER and BETTER you results will be. Get behind this and you will soon start to develop a list with some serious potential. At this point, and because of the very same habit which I developed in my life I have a list of dozens of HIGH POTENTIAL ideas and projects already thought out and waiting to go, you will also if you develop the same habit.
Stay alert to what’s already working even in other market places as often you can cross pollinate ideas or techniques and discover some gems in the process.
We tend to think in terms of what we believe we can achieve and no further so this is the time to think right outside of your envelop restriction because there could be a great project waiting for you as soon as you do so. Find reasons for something to work and stay positive in your thoughts; never reasons for something not to work. Look for solutions and new fun and novel ways of doing things and always ask yourself the question how can you do it better? How can you appeal to a different segment of the same market place?
The more potential projects which you have ready for development the wealthier you are. As you will soon discover some project possess FAR MORE profit potential than others and the more time you spend exploring and developing your list of potential projects the more likely you are to find a golden nugget.
Some people will be more single minded and be happy to look for a new product to develop only after they have finished their present one. In my opinion this wastes opportunity as the best ideas always seem to come to you when your need them the very least and when you are not looking for it.
I tend to work on my future projects and ideas list four or five times a week and have just finished doing so a few minutes ago. I became a little stale writing and so I looked over my potential projects of tomorrow and a couple sort of spoke to me. I reviewed them and added a couple of ideas and from this developed a few new facts which needed investigation so I did so there and then and updated my files and took both of those projects a little bit closer to the time I may start work upon them.
Work on your idea list and ask yourself what else you need to know? Then find it out and record the results. There is no magic formula to follow at this point as it takes as long as it takes and eventually, you will arrive at the point where you can make a decision if this project has the sort of potential you are looking for or not, which may be the point at which you abandon it in favor of another.
As a product developer keeping notes and records is essential. Some product ideas take years to get to the point where they approach the point of being developed and during this time, and as you are exposed to new ideas and experiences your way you think will change. In fact, it is this very research that will make you the person you become tomorrow and instal the beliefs you then hold.
For this reason it is VERY important to keep accurate notes as you progress otherwise you will forget some gems of ideas which would have benefited your product and bank account, so find some tools to make sure this never happens to you. I have found two amazingly useful bits of software which I use on an almost daily basis and they are quite different from each other and have their own unique uses.
I am not going to go into to depth as my objective was only to remind you of them and the fact that spending a little time in planning and expanding your ideas and next project on a regular basis is simply one of the most productive and important actions which you can take
The software tools I am referring to are: Microsoft OneNote: http://office.microsoft.com/en-gb/onenote/ and: Mind Manager at: http://www.mindjet.com/
I am often asked about this so now would be a good time to share it with you. Unfortunately, when you are just starting out in information product development finding your first project can be challenging because in the same way that the watched kettle seems to take forever to reach the boil, your first quality project may seem somewhat illusive.
However, if you develop this process you won’t have it happen to you more than once.
I am never in a race because uncovering potentially good products can take time, in fact, lots of time and many fall by the wayside in the process. However, it is better to find out now than later in the process.
The motto I follow is ‘Less Haste More Speed’ and make certain that you have all of the fine details in place that you need to make a decision. I sometime make dozens of pages of notes and screen grab illustrations in the early part of the process which I store in Microsoft one note.
Later I start to refine these bits of information into a logical process and discover what else I need to know and this is the point at which I begin a mind map and then combine and refine the whole process into a well formulated business plan. The illustration is just the first of fifteen pages of information I developed in OneNote refining the fast track product.
I also do a costing to see what the project is likely to generate and formulate a sales strategy. In fact, I do everything I possibly can to remove the possibility of unexpected happening creeping into the equation, and by contrast make the project a well calculated risk rather than receiving unexpected surprises later on.
When you have a choice of potential project plans approaching completion everything becomes much easier and starts to almost flow. After a while you will not need to worry as you will have lots of potential products and ideas which you can get started upon when you are ready. Then which one to work upon next will become the problem, but that is a good position to find yourself in.
I still work at idea generation and planning and advancement on a daily basis if possible because there is ALWAYS something more I need to know, it never ends. Sometimes however you have to go with that STRONG gut feeling.
If you get too enthusiastic over a project distance yourself from it for a few days or even weeks because your project won’t go anywhere. When you return to it you will see it with fresh eyes and more objectively and may even wonder why you became so enthusiastic about it in the first place.
This is especially important with your first project. Remember that a better or even a wonderful product is waiting to be discovered and its ‘sods law’ that it will reveal itself only after you have invested lots of time starting work on another project, but this can become your next project. Please remember that it is better to be over prepared than not in full knowledge of the facts to make a good decision.
I constantly ask myself what else I need to know. Then I work on answering those questions and others which may arise during this process. A spread sheet such as excel will prove to be one of your most valuable of software tools to discover the profitability of your project, so I would invest a little time in learning how to use one for making calculations and then you can play about with the figures and you may discover some fascinating facts about your project.
I review my opportunities regularly until I reach the point where I am ready to test them. If the testing gains good results I will know I can set production dates and get started. If it is negative I will look at ways of improving it so it works.
Most projects can be made to work with often just SMALL IMPROVEMENTS and alterations. It’s the nature of the beast that some of what seem to be the most promising projects will prove to be complete duds that no one wants to buy. When this happens don’t be depressed or down about it; but by contrast feel happy that you have just discovered a project that would have wasted a ton more of your time and money as well as leaving you disappointed. Occasionally you will find more negative projects than positive ones and this will start to teach you some valuable lessons which will take you forward.
I learned the hard way and have suffered MANY DISAPPOINTMENTS!
Perhaps I am a bit obstinate as it took me a long time to develop this obvious and much smarter process that I now share with you which will shortcut the whole information product success process for you. I am not proud of telling you that I am a past master at building websites that no-one wants to visit …and creating products that no-one wants to buy!
Most people get VERY protective and possessive over the ideas they generate as they believe them to be their unique property, so let’s get one thing straight before we go any further. Just because you think your new project is a good idea doesn’t mean that it is! There is only one test that matters and that is the buying public test which your project MUST PASS!
You have to discover if the market will buy and BE CERTAIN of this fact before you begin development. Ideas are 10 a penny, everyone has them, but ONLY a very small MINORITY have the ability, stamina and commitment to breathe life into them and convert them into profitable and saleable assets and you want to set yourself up for success rather than an early disappointment so don’t shortcut this process.
I got so enthusiastic and passionate I broke the BIG rule, repeatedly and paid the price. I never tested my projects in advance to see if the market place would be as enthusiastic for them as I was.
Eventually and after MUCH wasted time and money I learned my lesson. It’s disappointing to find out your idea is a dud, but far MORE PAINFUL if you have spent the last month or two developing them.
Remember that failing and finding what won’t work is just part of the process of being successful in the information product development business. Learn from this lesson and you will not have to share the same negative learning curve which almost put me off developing another product.
The most important aspect to achieve success is to ALWAYS test and adapt before you start work.
Testing is SO IMPORTANT that I have dedicated a module to the process.
What follows are two tried and tested information product development formulas for you to follow.
The two you will find described below I believe are unique to me and ones which I evolved independently upon my journey.
They are both simple plans to follow and work like charms. Just remember that you don’t need to be first to the market place or original which means you can learn from the mistakes of others.
You don’t have to be!
If I had a pound for every time I have heard this said I could order a new car. This is the very biggest hurdle which will stop entrepreneurially minded individuals from developing their own unique products.
I am about to show you a process that will turn the fact that you are NOT an expert on anything to your POSITIVE ADVANTAGE. Now I appreciate that developing confidence in this field does take time and that it definitely gets easier as you progress. However, the process I am about to reveal should turbo charge your confidence levels as this simple process is almost tailor made for individuals who believe that they are not experts in anything.
Just remember that information product developers are just ordinary people like you and me, and every one of them I am sure felt overwhelmed before they started work on their first project. So just accept that over whelm and a steep learning curve is part of the information product development learning process and enjoy and embrace it just as much as you can.
Rather than looking for projects and ideas where you already have skills and expertise begin by making a list of what you would LIKE to learn or BE ABLE to do? Don’t restrict yourself in any way and have fun with this and write out a list, and make it just as long as you can and include EVERYTHING.
This technique is about creating a product from the perspective of someone who started out knowing nothing about the subject or topic you are going to create your product upon, which you presently don’t. An information product created from this perspective is just, if not MORE POWERFUL than the learning from the guru approach.
To put it another way: This is what I wanted to learn, and this is MY JOURNEY my challenges and eventual success which you can join me upon.
You have to be open and honest and share your feelings and experiences and document everything as you progress. Your audience will empathise and identify with you and love you for sharing all of the problems and pitfall which may have caught you out, but which will have saved them from experiencing the same.
The more mistakes you make and failures you experience the better as these are great learning curves for your audience to assimilate and learn from. Do it with me, share my journey is just a different way of thinking and pitching your product. I have used this approach a couple of times and it works brilliantly and provides you with unlimited potential projects. Best of all this approach is lots of fun which will have your students identifying with you.
I soon realised the shortcut to making big money in product information was to get others to share their information and skills with me. I gave the subject lots of thought and the following idea evolved so give it a try and you will soon discover that it works like a dream.
Stay constantly alert for people with skills which you can turn into products. The types of skills I like to focus upon are ones which others can learn and make a profit from. However, I am certain that there is just as much potential in self-development and self-improvement products such as applying make-up, dressing for impressing, NLP etc. …the list would be endless.
I prefer ideas which stop-at-home moms and those looking for a lifestyle change or career change will find appealing. I want to develop projects which have tried and tested potential and allow those who purchase them to positively and financially improve their lives.
Let me repeat, there are no shortage of such ideas and products waiting for you to develop. People with such skills are around us all of the time and they may be in jobs working for others, or they may be out doing it for themselves. Our objective is to show potential prospect how they can accomplish the same results freelance and make a good living from doing so.
Stay open minded and creative in your thoughts and observations and when you spot someone who meets your criteria watch them carefully and then work on the potential of that project in the same way you would any other ideas. Search to discover if there are any similar products on the market which if there is will be a good sign that there is money to be made, so look for ways in which you could improve what is already available.
Write out all of the benefits and features of the finished product and do a costing and look at the profit potential. If it all adds up to a good potential project it is time to make a business proposition to the person with the skill you need.
You will need to create a mini presentation to impress your target and show them that you are professional and mean business. So prepare an outline of your offer and what you require of them. Perhaps even have a product graphic mock up created and also write out a good headline or two for selling the product as well as thinking up some product names.
What you need them to do is tell and share all of their information concerning that product with you and hold NOTHING BACK. You will obviously want to interview them and if they are suitable take photographs and video of them demonstrating their skill.
More than anything else you need to prove you are confident and an expert at what you do which is creating and developing quality information products with HIGH perceived value. Your approach and proposal is likely to put you in total control of the situation as it will be the very last thing they will expect to happen, and one which is VERY UNLIKELY to be repeated in their life.
Not a 50% – 50% deal, but far better!
They can have a FULL 100% of the profit of the products they sell!
Let me explain…
We are going to appeal to their ego and also their greed, but mainly their ego which will be more emotional than practical. A product bearing their name and making them look good will be a HUGE feather in their hat and position them as a leader in their field. Even better though is the fact that it will make them look great to their friends, family and acquaintances!
Mom, Granny and great uncle Pete will love them for it…
They would have tons to boast about down at the pub and probably become a small local celebrity.
I know that the first person I met who presented me with a book they had written really impressed me because you come across so few people who write books or create such products. I didn’t stop to see how well the book was written or if it was a load of rubbish, the fact that they were the one who had written it and seeing it bearing their name was enough to raise my eyebrows.
The 100% profit potential with no catches will be a bonus. Let them sell as many as they wish at the price YOU DICTATE! Give them a few products (perhaps 10) as part of the deal to give to their family and after this they can ONLY buy them from you at cost price 25 units at a time, if they want less they will have to pay more.
To reiterate, their part in this deal is that they commit the time to giving you the secrets and you use your skills as a product developer to bring it all together. Don’t let them have control of the development process or anything they can produce themselves or sell to anyone who can do so.
Have an above board fair and legal agreement (which you can draft by yourself) that they can NOT sell their license or their share of this product to anyone else. As the developer you keep the copyright 100% to yourself. You must do this to protect yourself as you are the one who is taking the incentive and lead in the process.
You may have already guessed that the ongoing work will be in the marketing and selling of the product, NOT the development. So why should they have a share of something which you will be putting ongoing effort into for a long time to come?
Calculating an ongoing share of the product would generate a lot of additional work which they will expect you to do for them, and even then some people will accuse you of cheating them. I told you I had learned the hard way.
The last thing you want is a partnership because if there was ever a ship destined to sink it was this one. So avoid this time bomb by letting them sell their own products, as many as they wish and sell this as a benefit. Most individuals will NOT KNOW HOW to do this, or be prepared to learn so they will not cut into your profits and probably never order any additional product from you.
With preparation and a good presentation most JV prospects will be that keen they will almost bite the agreement form and legal contract out of your hand to take you up on your offer. No-one else is going to make them such a generous deal so you will have no competition using this formula.
Of course you will keep 100% of the profit you make and it could go on feeding you and your family for many years to come! Let me reiterate, if you present this to them correctly you will find it is an easy deal to make.
Some will and turn you down flat and then you move on to the next person who has the same skills and you won’t have to look far to find someone. However, you should bear in mind that fact that they need you far more than you need them. If they are hesitant in the slightest immediately tell them you are also speaking to someone else but have approached them first and you may find this new fact will change their mind VERY QUICKLY when they see the potential of this opportunity slipping away from them. Generally they will go for it and if not there are other fish in the sea for you to approach.
Make sure your products ALWAYS carry clear and concise terms and conditions. The most important of these being that this product is licensed to the purchaser ALONE and CANNOT be shared or resold!!!!
Well after big launches of hard products (physical and tangible product) you often see them being resold on eBay for half or even a quarter the original price. Obviously this will discredit your product and force you to reduce your prices also. This is another reason I am so keen on digital products and online membership sites as it removes this probability completely.
Larger projects take time to develop and before the money starts rolling in if you wait until it is fully developed! This can be a problem and one to which there is a simple solution. After all, why wait when there’s lots of profit on the table waiting to be claimed today which if not claimed before tomorrow will be lost profit potential, so let’s think of it as an advance payment?
Follow this simple formula and it will mean that you don’t want to wait until your product is complete before selling it, here a very workable alternative solutions. Develop your products as a monthly course and turn this into a benefit which will save potential students experiencing overwhelm! Most people will totally accept this as a benefit because most people have experienced overwhelm and not have enjoyed the experience when trying to assimilate new skills.
This allows you to break both payments and product development into monthly segments which is an even BIGGER advantage to you. Monthly payments also mean you will have a FAR HIGHER sales conversion rate as well as a residual income for as many months as your course lasts.
You can give discounts or bonuses for one-off payments and ethically charge a higher fee for monthly payments for the perceived additional work which it creates, although in reality there is none. Later, when your product is finished you can offer an incentive for one payment for access to all of the information in one go, as well as monthly payments for those who would prefer it and this either or payment option will increase your overall conversion rate.
FIRST: You can develop your material in hard copy and send the next edition out by post every month. However, this is hard work and today there is a much simpler and far quicker method which I have already mentioned many times.
SECOND: Publish your monthly offering in an online membership site as they have many positive benefits and advantages. Membership software is inexpensive and offers you the ULTIMATE in automation leaving you free to work on the most important aspects of your project.